Summit Exploration and Production farming out UK Central North Sea Block 22/14c

Summit Exploration and Production (the UK subsidiary of Tokyo based Sumitomo Corp) is seeking a partner to join in the exploration of its P.2382 Licence, covering Block 22/14c in the UK Central North Sea.

Opportunity Summary:

• Farmin to participate in drilling the low risk, Forties Member, K2 Prospect providing resources of 29 Mmbls of oil or 135 Bcf of gas + 5 Mmbls.
• K2 is a near field prospect, trapped within a clearly defined 4-way dip closure, with excellent AVO conformance to structure.
• Drilling K2 would de-risk and provide exposure to 73 Mmboe of additional recoverable resources identified across 22/14c.
• Short tieback distance to established nearby infrastructure allows for a fast and low cost development with robust economics.

Work Programme:

• Extensive work programme already completed. Including Ji-Fi inversion and reservoir simulation modelling for recoverable reserves.
• Site survey already completed to enable drilling at the earliest opportunity.
• Dry hole well, to 9000ft TVDss, £12.8mm gross (15% contingency, site survey, all-in).
• SEPL currently 75% – with up to 40% equity available to companies that are prepared to commit to a ‘Phase C’ drilling programme with SEPL.
• The dataroom is open.

This opportunity is being promoted by Envoi, click here for further details.

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